Equifax Warns About Impact of Data Breach on its Business

Posted - November 10 201722:38

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Equifax Warns About Impact of Data Breach on its Business

Opening a conference call Friday, interim CEO Paulino do Rego Barros Jr. apologized again for the breach, and said executives will not be receiving bonuses. The company also said it's facing more than 240 class-action lawsuits and more than 60 regulatory or governmental inquiries.

The company said Thursday that it had recorded $87.5 million in costs related to the breach in the last quarter.

Equifax has given customers until January 31 to sign up for the free service and estimates it could eventually cost the company between $56 million and $110 million.

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"We recognize that we have an important journey in front of us to regain the trust and confidence of consumers and our business customers", Barros said in Thursday's statement. "We can not assure that all potential causes of the incident have been identified and remediated and will not occur again", it said in a quarterly filing with the Securities and Exchange Commission.

"Expenses include costs to investigate and remediate the cybersecurity incident and legal and other professional services related thereto, all of which were expensed as incurred", said Equifax.

Equifax announced on September 7 that hackers accessed data including Social Security numbers, driver's license numbers and addresses for 145 million Americans.

The breach, which compromised sensitive data of 145.5 million people, has harmed the company's reputation and prompted investigations in every US state, a federal criminal probe and hundreds of lawsuits. "And to date, we do not have any evidence that we can probably add problem activity to data stolen from Equifax".

As of midmorning Friday, shares of Equifax were trading about 2.2% lower. Even so, the company's earnings topped Wall Street's forecasts. That compares with net income of $132.8 million, or $1.09 per share, in the prior-year quarter. The stock is down around 24 percent since September 7, when Equifax disclosed the breach. Equifax said the database intrusion continued until July, exposing the bevy of information that Equifax holds.

Equifax needs to do a better job of communicating whether it believes the hackers are still inside its network, said Mark Rasch, a former US federal cyber-crimes prosecutor who advises businesses on responding to breaches. Third-quarter revenue climbed 3.8 percent to $834.8 million, missing the $847 million average estimate of 13 analysts surveyed by Bloomberg.

Embassy in Turkey announced visa applications were again being processed on a limited basis at its diplomatic missions in Turkey. Turkey has been angered by what it sees as USA reluctance to hand over Gulen, who has lived in Pennsylvania since 1999.

Last week, former Trump campaign chairman Paul Manafort was charged with money laundering and tax evasion stretching back years. On November 8, Flynn published an op-ed piece in The Hill that called Gulen "a shady Islamic mullah" and a "radical Islamist".

Organizers estimated there were between 1,000 and 1,500 people who participated in Thursday's protests that ended on Capitol Hill. However, the Trump administration says Congress is in the progress of coming up with a plan that will benefit those dreamers.

Roque also dismissed concerns that Duterte was showing his authoritarian tendencies. "I think it was in jest", he said. Duterte said all victims of human rights violations are welcome to attend the summit and air their grievances.

Uber was dealt another huge blow in the United Kingdom on Friday after it lost an appeal over drivers' employee rights. Uber already said it will appeal the workers' rights ruling either at the Court of Appeal or the Supreme Court.

The museum immediately became flooded with phone calls and emails from fans asking where they could buy the sweatshirt. You can still buy the sweatshirts (and purple crew neck shirts) on SMM's online store .

In a transaction dated August 21, 2017, the shares were bought at an average price of $3.62, giving away a sum of $90,500. Shares of Kimco Realty Corporation (NYSE: KIM ) scoring 0.74% to reach at $19.07 during previous trading session.

All other 2017-18 all wheat forecasts were unchanged, as were 2016-17 estimates with 2017 carryover at 1,181 million bus. The soybean crop was expected to hit a record 4.425 billion bushels, on a yield of 49.5 bpa.

Nassar has not pleaded guilty to sexual assault charges, but is now in jail after pleading guilty to child pornography charges. Following Maroney's revelation, Raisman came out in support of her former teammate saying on Twitter that she supported her.

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